Maplebear (NASDAQ:CART) Coverage Initiated at Wells Fargo & Company

Equities research analysts at Wells Fargo & Company initiated coverage on shares of Maplebear (NASDAQ:CART) in a report released on Friday, Marketbeat reports. The firm set an “equal weight” rating and a $47.00 price target on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 4.86% from the stock’s current price.

Several other analysts also recently commented on the stock. Loop Capital upped their price objective on shares of Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a report on Monday, December 9th. Barclays lifted their price objective on Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Jefferies Financial Group assumed coverage on Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 target price on the stock. Raymond James assumed coverage on Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating for the company. Finally, JMP Securities upped their price objective on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Fourteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $47.13.

Maplebear Price Performance

Shares of CART opened at $44.82 on Friday. The company’s fifty day moving average price is $43.60 and its 200-day moving average price is $39.19. Maplebear has a 1-year low of $22.25 and a 1-year high of $50.01. The firm has a market capitalization of $11.51 billion, a PE ratio of 30.08, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period last year, the business posted ($20.86) earnings per share. As a group, research analysts anticipate that Maplebear will post 1.4 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 11,325 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $486,635.25. Following the transaction, the general counsel now directly owns 287,659 shares in the company, valued at $12,360,707.23. The trade was a 3.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total transaction of $92,261.82. Following the completion of the sale, the chief accounting officer now directly owns 89,982 shares of the company’s stock, valued at approximately $3,694,660.92. This trade represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,128 shares of company stock worth $4,980,404 in the last ninety days. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Watts Gwilliam & Co. LLC increased its position in shares of Maplebear by 39.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 7,300 shares of the company’s stock worth $313,000 after purchasing an additional 2,047 shares during the last quarter. Nordea Investment Management AB acquired a new stake in shares of Maplebear during the fourth quarter valued at about $2,078,000. Lord Abbett & CO. LLC raised its stake in shares of Maplebear by 370.9% in the 3rd quarter. Lord Abbett & CO. LLC now owns 859,006 shares of the company’s stock valued at $34,996,000 after acquiring an additional 676,605 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Maplebear by 182.0% in the 3rd quarter. Franklin Resources Inc. now owns 272,928 shares of the company’s stock worth $11,692,000 after acquiring an additional 176,137 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Maplebear during the 3rd quarter worth approximately $33,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.